Financial Result for Qtr. and Nine Month Ended 31st December 2025
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Garnet International reported a sharp swing to profit for Q3 FY26 and 9M FY26. Standalone profit for the period jumped from a loss of Rs. 5.46 lakhs in 9M FY25 to a profit of Rs. 328.01 lakhs in 9M FY26, largely driven by a net gain on fair value changes of Rs. 362.16 lakhs from the company's dealings in shares and securities. Standalone total income for 9M FY26 rose to Rs. 373.56 lakhs from Rs. 209.94 lakhs last year. On a consolidated basis, profit for the period grew to Rs. 420.03 lakhs (from Rs. 118.54 lakhs), though total consolidated income actually declined to Rs. 445.40 lakhs from Rs. 596.01 lakhs — a roughly 25% drop. The auditor's review report is unmodified but flags that certain trade receivables, deposits, loans and advances are pending third-party confirmation. Previous period figures have been restated/regrouped for comparability, and the company has not recognized deferred tax assets on share-dealing losses citing uncertainty in future profitability.
The headline turnaround looks strong, but profitability is heavily dependent on fair value gains in shares and securities rather than core operating income. Underlying consolidated revenue has actually shrunk, which tempers the earnings story. Shareholders should view the PAT growth with caution given its dependence on market valuations.